Vietnam, Japan drive CPTPP effectiveness

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Japanese Minister in charge of CPTPP Shindo Yoshitaka have pledged to work closely together to improve the effectiveness of the CPTPP implementation, aiming to bring greater benefits to businesses and citizens while also elevating the deal's role in global and regional trade.

During a working session in Hanoi on July 9, Dien highlighted the growing economic and trade ties between Vietnam and Japan, especially since their accession to the CPTPP.

He hailed Japan as Vietnam's fourth largest trade partner, noting that in the first five months of this year, two-way trade reached 18.3 billion USD, marking a 4.4% year-on-year increase. Vietnam's exports to Japan amounted to 9.4 billion USD, up 3.2%, while imports rose 5.8% to 8.8 billion USD.

Lauding Japan’s role as a coordinator in the UK’s negotiations for CPTPP membership, he announced that on June 25, the Vietnamese National Assembly ratified the UK's CPTPP membership, making Vietnam one of the first countries to approve this move.

Regarding other economies' potential admission to the agreement, the two ministers agreed to continue close collaboration to ensure that any new member meets the high standards of the deal and the expectations of all CPTPP members.

Notably, the host suggested that Japan consider further promoting economic and trade ties with Vietnam, and mechanisms to support Vietnamese management agencies and businesses in effectively leveraging the commitments of the free trade agreements to which both countries are members. This support aims to help both nations fully tap their potential.

Source: Nhan Dan News